Luck is a part of life, and everyone, at one point or another, gets lucky. But luck is a big part of business life and perhaps that biggest part of entrepreneurial life. At the very least, entrepreneurs must believe in luck. Ideally, they can recognize it when they see it. And over time, the best entrepreneurs can actually learn to create luck.

As Bo Peabody, entrepreneur extraordinaire, explains: "My formula for getting lucky in business is reasonably simple: Start a company that fundamentally innovative,...